Q & A
I just got divorced for the 2nd time…what are my options, if any?
Complete Question: I was married to my first husband for 15 years. That didn’t work out and I got remarried. After being married to him for 12 years, we also called it quits and the divorce became final a few months ago. I’m 64 years old and have not made much money over my lifetime because my two husbands supported me. I guess I could collect Social Security, but I know my own benefit is very low plus filing early will cause a reduction in my benefits. Do I have any options that will help me since I’m single?
Answer: Social Security doesn’t necessarily have special benefits for “single” people; however, you do have options in regards to your ex-husbands’ records. With a minimum length of marriage requirement of 10 years, you can look at filing for a spousal benefit from either ex-husband. The only catch is that there is an additional requirement of two years since the divorce. So what does this mean in terms of options in your situation?
Since you have not been divorced from your second husband for very long, you are not yet eligible for spousal benefits off of his record, but you are eligible for spousal benefits off of the first husband’s record. If you file for Social Security right now, the Social Security Administration (SSA) will look at which benefit is higher – yours or the spousal benefit off of the first husband – and pay you whichever benefit is higher.
On the plus side, if you can manage to wait to file for Social Security until you are 66, you will have multiple options to choose from. For example, you will have been divorced for 2 years by this point, thus making a spousal benefit off of your second husband a new option. Furthermore, since you will be full retirement age, the SSA gives you additional filing options. At this point, regardless of which benefit is larger, you can choose from (1) the first husband’s spousal benefit; (2) the second husband’s spousal benefit; or (3) your own benefit. The good thing about choosing a spousal benefit from one of the ex-husbands is that you will be allowed to let your own benefit earn delayed retirement credits at a rate of 8% per year until a maximum age of 70. At any point between the ages of 66 and 70, you can switch between one of the three benefit choices I mentioned. Furthermore, if one of the ex-husbands should pass away, you would qualify for a surviving ex-spouse benefit, which equals the ex-husband’s total benefit instead of just a maximum of half of it.
Oh, and just in case you are thinking about getting married for a third time: A remarriage will end your ex-spouse benefits, but as you see in this situation, another divorce will let you have ex-spouse benefits once again. This rule is not the same for surviving ex-spouse benefits, though – if one of your ex-husbands passes away and you collect a surviving spouse benefit, you will be allowed to remarry without the benefit ending because you are over 60 years old.